Asia stocks edge up amid Trump’s ceasefire talks; Australia’s soft CPI in focus

Investing.com-- Asian stock markets extended gains on Wednesday, tracking an overnight jump on Wall Street as a U.S.-brokered ceasefire between Israel and Iran helped lift investor sentiment.

Major U.S. stock index futures traded unchanged in Asian trading hours on Wednesday following a sharp rise on Wall Street in the regular session.

Technology shares were the top gainers, with tech-heavy Nasdaq Composite jumping 1.4% overnight.

In Asia, investors weighed a softer-than-expected inflation report from Australia and analyzed the Bank of Japan’s summary of opinions from its June meeting.

Investors closely watch Trump’s Israel-Iran ceasefire talks

Late Monday, President Trump announced a phased ceasefire between Israel and Iran, calling on both sides to uphold the agreement.

However, skepticism remained about the truce’s longevity, as Trump quickly condemned both nations for violating the deal soon after its declaration.

Even so, his announcement has raised hopes that the 12-day conflict marked by deadly airstrikes may finally be winding down.

Regional stocks were higher as investors awaited further details on the ceasefire, though gains were capped by prevailing caution.

Hong Kong’s Hang Seng index rose 0.7%, while South Korea’s KOSPI edged 0.3% higher. Both indices saw over 2% gains a day earlier.

China’s Shanghai Composite index and the Shanghai Shenzhen CSI 300, both traded marginally higher.

Singapore’s Straits Times Index rose 0.5%, while the Philippines’ PSEi Composite added 0.6%.

Futures tied to India’s Nifty 50 edged up 0.3%.

BOJ meeting summary, Australia inflation data in focus

Data on Wednesday showed that Australia’s consumer price index rose less than expected in May, while core inflation dropped to its lowest level in over three years.

This development could give the Reserve Bank additional room to lower interest rates.

However, Australia’s S&P/ASX 200 only inched up 0.1%.

In Japan, a summary of opinions at the Bank of Japan’s latest policy meeting showed on Wednesday that some policymakers backed holding rates steady amid uncertainty over the impact of U.S. tariffs on Japan’s economy.

Some board members noted stronger-than-expected inflation, with one suggesting the BOJ may need to raise rates decisively despite ongoing economic uncertainty.

Japan’s Nikkei 225 was largely muted, while the broader TOPIX index fell 0.3%.